Toronto, Ontario--(Newsfile Corp. - August 26, 2020) - Therma Bright Inc. (TSXV: THRM), ("Therma Bright" or the "Company"), a progressive medical device technology company, is pleased to announce that it has closed the transaction to acquire Benepod® pain relief technology and other innovative medical device technology from Saringer Life Science Technologies Inc. ("Saringer" or "SLST Inc."). After completion of final negotiations, Therma acquired the Saringer assets in an all cash transaction for $425,000.
The transaction includes the acquisition of products including BenePod® for chronic pain relief; ICEOtherm® for minor aches and pain in the hands, elbows and feet; and Venowave® to increase blood circulation in the legs.
In addition, in conjunction with closing this transaction, Therma has hired key personnel and acquired all inventory, tooling, customer lists, online domains, technical files, quality management systems and intellectual property such as patents and trademarks owned by SLST Inc. and other related companies associated with SLST Inc.
Part of the acquisition plans will include a full rebranding exercise, an e-commerce website and social media strategy. Therma has engaged with New York based boutique brand consultancy SCG Creative to lead positioning, drive messaging, increase exposure and deliver brand value.
Rob Fia, CEO, commented:
"We are pleased to close the acquisition of Saringer's therapeutic treatment products. We feel Sarginer has created some hidden gems that we will market aggressively on different e-commerce platforms and traditional retail channels. Therma has saved a tremendous amount of time and expense in acquiring Saringer's proven products which builds on our existing suite of novel medical device products."
The Company also announces that pursuant to the Company's 10% rolling stock option plan and in compliance with the policies of the TSX Venture Exchange, it has granted incentive stock options to a director of the Company to purchase up to an aggregate of 200,000 common shares of the Company. These options are exercisable for a period of 5 years at a price of $0.22 per share.
About Therma Bright Inc.
Therma Bright is a progressive medical device technology company focused on providing consumers and medical professionals with quality medical devices that address their medical and healthcare needs. The Company's initial breakthrough proprietary technology delivers effective, non-invasive and pain-free skincare. Therma Bright received a Class II medical device status from the FDA for its platform technology that is indicated for the relief of the pain, itch, and inflammation of a variety of insect bites or stings. The Company received clearance for the above claims from the US FDA in 1997.
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Therma Bright Inc.
FORWARD LOOKING STATEMENTS
Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events or the Company's future performance and include the acquisition of the Saringer products and future customer orders for such products, all as described in the news release. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements. In addition to other risks, the Company may not protect all or any of the patents as described in this news on the timelines described. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of factors and risks. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
This press release is not an offer of the securities for sale in the United States. The securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from registration. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
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